Q2

2021

January - June 2021 Results

July 29, 2021

Key takeaways

Strong organic growth underpinning our operational and financial performance

2021 outlook updated

Consistent and sustainable organic

growth

+7.5% new PoPs vs. H1 20 due to BTS acceleration

and DAS nodes +c.40% (1)

>5% organic PoP CAGR 21-25 guidance unchanged

1,480 site actions in H1 21 with c.€7Mn associated

lease efficiencies in FY 2021

2021-2025 efficiency plan on track

Strong financial performance (2)

Revenues (3) €1,061Mn, +47% vs. H1 2020

Adjusted EBITDA €804Mn, +53% vs. H1 2020

RLFCF €394Mn, +47% vs. H1 2020

Operating leverage and Opex management driving margin expansion (+c.4 p.p. from H1 2020 to 79%)

Cellnex scores among the world's 5 leading telecom companies on ESG

Sustainalytics' risk rating improving by 4 points (c.20%) year-on-year, consolidating low ESG risk (4)

Cellnex has launched the Cellnex Foundation with the aim at narrowing digital and social divides through connectivity projects (5)

Increasing structural flexibility to

fund growth

Accessing the most liquid market by issuing the first USD bond, whilst extending the average maturity - nominal of $600Mn and 20yr term (6)

A wide array of funding options available,

including project financing at local level and equity

partners at OpCo / local level

Corporate debt without covenants, pledges or

guarantees

Closing deals earlier than expected…

Polkomtel deal already closed and to contribute

c.5.5 months in 2021

Closing of remaining deals on track

Deals signed in H1 2021 for a total EV of

c.€9,300Mn with an associated Adjusted EBITDA

run rate of c.€900Mn

  • and updating 2021 outlook

Revenues €2,535Mn - €2,555Mn

Adjusted EBITDA €1,910Mn - €1,930Mn

RLFCF €955Mn - €965Mn

All operational and financial metrics alignedwith 2025 financial outlook (medium term guidance)

(1) Excluding Metrocall and CK Hutchison Italy; (2) CK Hutchison Italy (closed as of end of Q2 2021) has not contributed to the financials in the quarter

  1. Revenues correspond to Operating Income excluding Advances to customers (please see note 18a in our Interim Consolidated Financial Statements ended 30 June 2021)
  2. New risk rating of 15.5 from 19.6 by Sustainalytics; (5) Please see slide 17 for more information

(6) Notional amount of $600Mn, instrument hedged to € through a cross-currency swap (€508Mn). Please see slide 30 for more information

Results January - June 2021

2

Updated 2021 outlook

All key metrics on trackto meet the updated outlook 2021

Previous Outlook 2021

New Outlook 2021

RLFCF (€Mn)

RLFCF: €905Mn - €925Mn

RLFCF: €955Mn - €965Mn

Adjusted EBITDA (€Mn)

Adj. EBITDA: €1,815Mn - €1,855Mn

Adj. EBITDA: €1,910Mn - €1,930Mn

+c.65%E

+c.55%

FY21 vs. FY20

+c.45%

vs. Q2 2020

vs. Q1 2020

+c.50%

422

+c.60%E

381

+c.40%

FY21 vs. FY20

vs. Q2 2020

vs. Q1 2020

180

214

Q1 2021

Q2 2021

Q3 2021

Q4 2021

Q1 2021

Q2 2021

Q3 2021E

Q4 2021E

Change of

✓

✓

✓

✓Already

perimeter (1)

✓

✓

closed

(1) Arqiva, Nos, Hutch Austria, Ireland and Denmark already closed in 2020. Hutch UK expected to be closed in 2022

Results January - June 2021

3

Status of integration processes

Integration processes on track

Project

Omtel

Bouygues

Arqiva

NOS

CKH IE

CKH AT

CKH DK

CKH SW

Play

Deutsche

CKH IT

Cyfrowy

SFR

CKH UK

FTTT

Telekom

Polsat

Closing

H2 21E

H1 22E

ON TRACK

ON TRACK

Pre-closing

Integration Assessment

Transition (3 months)

Take Control

Optimization

(7 months)

Industrial Model

Integration Plan

96%

95%

93%

31%

25%

7%

90%

91%

75%

62%

32%

23%

1%

Results January - June 2021

4

Restless and consistent strategy execution

Leading independent TowerCo in Europe with up to c.130k sites, of which up to

c.20k to be deployed through BTS programs

Significant footprint expansion

Up to

5,177 Sites

c.130k

sites

1,881 Sites

14,993 Sites (1)

2,425 Sites

20,390 Sites

4,310 Sites

26,821 Sites (1)

4,920 Sites

6,569 Sites

6,123 Sites

Countries with more than 1

anchor tenant

Countries with 1 anchor

tenant

11,087 Sites

25,502 Sites

Cellnex vs. Peers

x18

215

('000 sites)

40

130

22

34

7

Cellnex

Inwit

SBA

CC

Cellnex

AMT

2014

  1. Including transactions not yet closed (Hivory, Hutchison UK)
    Results January - June 2021

Strong targeted growth, highly contracted

Guidance 2025 (€Mn)

Revenues

4,100 - 4,300

+c.21%

(c.85% contracted)

CAGR 20-25

Adjusted EBITDA

3,300 - 3,500

+c.24%

CAGR 20-25

RLFCF

2,000 - 2,200

+c.28%

CAGR 20-25

Adjusted EBITDA Guidance 2025 (1) (2)

c.5%

c.10%

c.9%

c.80% from

c.30%

c.16%

countries with

€3.3Bn -

sovereign rating

€3.5Bn

of at least A

c.15%

c.15%

(2) Management estimate; including progress on BTS programs and 3rd party tenants

5

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Cellnex Telecom SA published this content on 29 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 July 2021 06:06:25 UTC.